Bitcoin Price Elliott Wave Price Update: Understanding the Bullish and Bearish BTC Scenarios

hello hello and welcome to another update video about Bitcoin so I want to actually start briefly on the daily chart the daily chart hasn't changed um but I wanted to explain the context again after the sell off obviously that we've seen to be honest I mean it's only been moving sideways right and that is the that is the uh I mean more or less okay but you see it we had this candle where we had this sort of mini flush which yeah moved down to 91k I mean it is okay maybe not mini but in

the context of what we've done it doesn't look too significant but still it is it is still something noteworthy the altcoins are not really affected and overall you can see it here it still looks like a sideways range now now we have broken however back below 100K and that shows that we are really in Rough Waters right this is not going to be an easy ride above 100K so I sent a message to our members earlier on on Discord and it was like you know the the bulls the bulls um drove the price through the

through the Finish Line like I don't know like Runners during a marathon but then they just ran out of steam right and they um they just couldn't they just couldn't maintain that um well upside momentum above above 100K well they broke it it's like you know I don't know it's like uh it's like it's like a hot air balloon that's that's rising and Rising but at some point there are no buyers left and you don't normally need massive selling to get prices down what's enough is sometimes that there are just no buyers okay nobody wanted

to buy Above 100 okay at least not today yesterday well there there are people there there were people but not enough to get that you know get that fuel in for that hot air balloon it's like a hot air balloon that if you switch it off so if you switch the flame off well it's not going to crash directly but it's going to go down slowly right because no new fuel is coming in hope that kind of analogy makes sense so that's what we see at the moment and um you will see on the micro

level that we broke unfortunately micro support level so the upside impulse got invalidated now that doesn't mean it couldn't try it again it certainly could for now however due to the Deep pullback I'm assuming the larger Wave 4 has started now that might change I mean expect this to change we haven't even broken below that previous swing low from the 26th of November and we need to get this we need a little bit more price data now but that would be that's normally my Approach you know when support levels break then I'm looking for an

alternative bullish scenario if I don't see one then I assume we're in a correction until the market gives me the next upside impulse now that doesn't mean I'm bearish but this year would be short-term bearish scenario with a possible wave four um which is due which was due but Bitcoin so far hasn't started it I mean maybe this is now the moment to start it I don't see much evidence yet on the price chart but we take a look at that on the smaller time frame I just want to highlight the potential that we could

have started the way for um I'm not going to give up of a direct move and I still I would still like to see further upside overall I just think the move today at least it was a warning and has made um clear that we need to be cautious in these price regions one reasonable strategy might be to trade just a bit smaller you know this is obviously around 100K strong resistance now it's a shame that we couldn't um close the daily candle above 100K it really is a shame because um well yeah we we

didn't did we no we didn't close above 100K no we didn't um so that's a bit of a shame there and therefore we have seen that setback and it's not a sustained break above 100K yet so what does that mean for the price now let's go to the smaller time frame and here you can see my Approach so the yellow scenario I said is now preferred and that's because the the price broke I mean we broke out and I gave you in the last video or last videos um support levels that need to hold now

the good thing is we we we saw very quickly that things are breaking because they were very close you know that that was those were support levels for impulsive structures and when they break it's not an Impulse anymore and then it becomes okay either I want to be out if I'm trading an Impulse or at least you know I know structurally this is going to morph this is going to be something different I have to take a step back and see how the market is now stabilizing or reacting to the next support levels now for

me this um could easily now be this ABC structure here in an a-wave which might then lead to a b-wave bounce which can again happen that means we might be ranging here for a bit so it means we could be close to completing this c-wave of a then we might start a b wve now that again that might overshoot we'll have to see it's it's going to be messy that b-wave warns us that it's going to be ranging for a bit probably and then because we're in a larger Wave 4 anyway you know wave fours

are often sideways Corrections if this is a wave four I mean overall this is just a sideways consolidation now all right obviously with a lot of volatility but the the upside breakout couldn't be maintained and it has the look of a three-wave rally from the 26th of November low remember that b-wave I um I considered it but I took it off yesterday right but it's it's uh maybe I took it off too too quickly but um well anyway that's why I track support right to tell you when things are going to go going to go

the other way again but yeah I had to reintroduce it obviously because of this so but it could also be the white count I mean that is still the only directly bullish scenario I see is the white count during which um that's the dog what's the dog if you heard the dog in the background um the only yeah it's it's a strange scenario in this W in this um in this white count we could still be in some kind of a diagonal or even a wave one with a high B wve but as long as

but we would have to hold then the 26th of November low and we've already come very very close to invalidating but that can sometimes happen during these sort of volatility events I mean there was a lot of selling pressure uh suddenly right and that got brought up quite quickly without invalidating the idea of one two setup now and then again we can debate is the wave 1 here or is the wave 1 here that is secondary because it's important that we're holding above the 26th of November low that is also a probable scenario but it

is in my opinion um it needs to prove itself right and how can it do that well with an impulsive break above the last high at 10 3,770 I think what this what this price action does it at least warns us that we have to be um that we have to be on the side of caution right in this price region and maybe trading smaller positions might make sense u in this price region when trading Bitcoin I mean altcoins are separate because they actually haven't been really affected by that selling pressure right for examp just

looking at vchain pretty neutral um adaah dot pretty neutral I mean they might go through small Corrections or pullbacks but nothing so far uh not worth I mean also Bitcoin I mean it got let's let's be honest I mean yeah it's it's kind of disappointing it broke back below 100K um because the buyers ran out of steam right not necessarily because there was lots of selling pressure but there was well something triggered it here short and then we recovered however um it's at least not like an aalan down right I mean yeah there was shortterm

selling pressure but it's not like that Panic selling or anything started at least not yet and overall this is just I mean we we only there where we were like uh like two days ago right so it's not that anything significant happened but what is disappointing is that Bitcoin couldn't hold the daily above 100K so but I'll keep you updated um I hope you like the update if you did please hit the like button leave a comment and subscribe and if you really like the content then please check out the channel membership and if you

are interested in the membership you can watch the video on our Channel page um a two-minute video that explains the membership extras you get member only videos today I covered Jasmine and render and a lot of people um asked for that these are videos that I not don't normally cover you know or coins that I don't normally cover that much on YouTube so these are member updates as a gold member you also in addition to those get access to Discord and uh for like short-term updates and trading your live chart access and so on but

you can get the explanation in this video thank you very much have a great day bye-bye